When hiring staff for key positions often the salary of the new employee becomes the dominant factor in the hiring decision. Candidates are progressed through the interview and decision-making process based on questions such as: “Can we afford them?” or “Should we employ the less qualified applicant for less money?”
The key is to hire the most talented applicant and pay them what they are worth. If they are making decisions that influence the bottom line, then you want the most knowledgeable person making those decisions for you – and not your competitors.
Also, applicants that seem overqualified for a role are too often overlooked on the premise that they may soon master the role, get bored and move on and you don’t want the hassle of hiring again. Think again! Providing the person’s credentials check out, you want to be hiring the most qualified people you can. Even if they do move on too soon, you have had a chance to pick their brains, review your systems, and train other employees on best practice. But chances are the most talented applicant will perform so well that you will be able to add other tasks and special projects to their role that will enable them and your business to grow.
So, in summary, hire the most talented person available for the role and, for key positions, find a way to pay them what they are worth.
You, and your business, will benefit greatly from it.
Peter Mayall – The Alternative Board Waikato
The Alternative Board provides peer to peer business advice and planning as well as business mentoring and coaching to support NZ Businesses.